The senior gold mining companies have been out of favour for a while and seem

cheap in terms of earnings. The below link indicates that some companies are actually becoming value stocks in terms of forward (Price / Earnings) P/E ratios and not just reserves.

http://seekingalpha.com/article/454871-gold-miners-a-buying-opportunity

When we look at forward P/E ratios (one year from now) and assume gold is steady at these

levels. We get a weighted average P/E ratio of 9,7. This means that it takes 10 years for

someone to be in the money. Historically, everything under a P/E ratio of 10 is a good buy.

Look at the historical P/E ratios of the Gold Bugs Index (Chart 1). You can see that

the P/E ratio of today (P/E = 15) is at historical lows between 2000-2012.

The forward P/E ratio of 10 is even the lowest in a decade.

I tried to understand this P/E for Golden Minerals. I then pulled the below data off of my trading site. There is no current Price/Earnings posted for AUM. A negative 3.70 is the Industry Low.

From my perspective on this; is that AUM is not at a good buy, but it is at a fantastic buying opportunity.

GOLDEN MINERALS CO

AUM:TSX

As of 3/23/20123:58PM ET

Per Share Data

K=Thousands, M=Millions, B=Billions, TTM=Trailing Twelve Month Performance,

MRQ=Most Recent Quarter Performance, FYF=Fiscal Year Forward, N/A=Not Available

Regards,

Ops 1

:~)